Knowledge that Transforms

AFA Financial and Board Meeting Summaries: The AFA Board of Directors has voted to publish a Board Meeting Summary to increase transparency of AFA governance and decisions made by the Board. Recent Board Meeting Summaries as well as AFA Financial Statements are posted on the AFA website (www.afajof.org). We hope that this additional communication is informative and we welcome your feedback. Other Announcements: Please go to our website, www.afajof.org, for announcements regarding AFA news, meetings, conferences, and research support. Effective with the 2024 volume, members and individual subscribers to the Journal of Finance will begin migrating to online access. This is a proactive move towards reducing the environmental impact caused by the production and distribution of printed journal copies and will allow the journal to invest in further innovation, digital development and sustainability measures. Published articles will continue to be published on Wiley Online Library and disseminated quickly through the journal's broad network of indexing services. Articles will also continue to be discoverable through popular search engines such as Google.

Steve has made academic contributions to the study and understanding of private equity (PE), LBOs, venture capital (VC), corporate finance, corporate governance, and top executive talent.That work has also influenced industry/practitioners.Nineteen of his papers have accumulated more than 1,000 citations in Google Scholar including at least one in each of the five decades since the 1980s.Kaplan's work on PE began with his doctoral dissertation on LBOs.LBOs emerged

AFA Financial and Board Meeting Summaries: The AFA Board of Directors has voted to publish a Board Meeting Summary to increase transparency of AFA governance and decisions made by the Board. Recent Board Meeting Summaries as well as AFA Financial Statements are posted on the AFA website (www.afajof.org). We hope that this additional communication is informative and we welcome your feedback. Other Announcements: Please go to our website, www.afajof.org, for announcements regarding AFA news, meetings, conferences, and research support. Effective with the 2024 volume, members and individual subscribers to the Journal of Finance will begin migrating to online access. This is a proactive move towards reducing the environmental impact caused by the production and distribution of printed journal copies and will allow the journal to invest in further innovation, digital development and sustainability measures. Published articles will continue to be published on Wiley Online Library and disseminated quickly through the journal's broad network of indexing services. Articles will also continue to be discoverable through popular search engines such as Google.

ABSTRACT Aggregate U.S. bank lending to firms expanded following the outbreak of COVID‐19. Using loan‐level supervisory data, we show that this expansion was driven by draws on credit lines by large firms. Banks that experienced larger credit line drawdowns restricted term lending more, crowding out credit to smaller firms, which reacted by reducing investment. A structural model calibrated to match our empirical results shows that while credit lines increase total bank credit in bad times, they redistribute credit from firms with high propensities to invest to firms with low propensities to invest, exacerbating the decrease in aggregate investment.